Technology stocks and chipmakers helped major U.S. indexes regain their footing after ending last week in the red. Bonds, too, seem to be making a comeback.
While that's just a single data point, yesterday's positive market movement echoes Oppenheimer chief investment strategist John Stoltzfus' argument that the last two week of losses didn't signal the end of the bull market. Rather, it was "a pause that refreshes" — a healthy adjustment to "oversold market conditions," Stoltzfus wrote.
Still, stocks face pressure from rising bond yields. The two-year U.S. Treasury yield is a hair's breadth away from 5% while the 10-year yield is 4.2% — pretty healthy returns for a risk-free investment. "Fixed income just looks relatively attractive, especially [relative to] where [we] were just a couple of years ago," said Kevin Gordon, senior investment strategist atAt the same time, higher yields mean lower prices.
Or, as Adam Crisafulli, founder of market intelligence firm Vital Knowledge, put it, "We don't think investors should dive too far down rabbit holes of despair." Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are.
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